Bill Would Adopt Interstate Insurance Product Regulation Compact
Senate bill 1386 proposed for the 2012 legislative session would adopt the Interstate Insurance Product Regulation Compact in Florida and improve the efficiency of bringing certain products to market in this state. The bill recognizes that the marketplace for lif insurance, annuities, disability income insurance and long-term care insurance have changed over the years warranting adoption of the compact.
The bill makes several findings relating to the benefits of the compact and the protections that remain available under Florida law. The bill then sets forth the terms of the compact, which would adopt them by statute in Florida. The bill concludes by stating that Florida elects to opt out of all uniform standards established in the compact relating to long-term care insurance.
The bill reportedly has the support of the Florida Office of Insurance Regulation, and likewise the insurance industry. With more than 40 states already participating in the compact, the effort to enhance uniformity by including Florida is a welcome change.